The placement, which will raise $10.5 million before costs, will enable MetroCoal to accelerate its exploration activity and infrastructure commitment across its Australian tenements, particular in the Surat Basin.

According to HopgoodGanim partner Michael Hansel, who led the team advising on the transaction, the Surat Basin is under the microscope of the investment market following New Hope Corporation's takeover bid for Northern Energy Corporation, another client of HopgoodGanim.

"MetroCoal has proactively sought to raise money at the right time, and is in a prime position to take advantage of the significant infrastructure developments in the Surat Basin area," he said.